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Search resuls for: "Financiero"


9 mentions found


☆ Mexico's Monex launches share buyback in move toward market exit
  + stars: | 2022-12-09 | by ( ) www.reuters.com   time to read: +1 min
MEXICO CITY, Dec 9 (Reuters) - Mexican brokerage Grupo Financiero Monex launched a public tender offer on Friday for its shares, priced at 668.23 million pesos ($33.85 million), as the company moves to finalize its departure from Mexico's main stock exchange. The buyback, which ends on Jan. 9, prices the 30.78 million shares held by investors at 21.71 Mexican pesos ($1.10) apiece, according to a document published by the exchange. The firm's shares, which typically have low trading volume, were up slightly to 18.50 pesos on Friday afternoon. Monex (MONEXB.MX) said that once the buyback period is over, it will cancel the purchased shares, making it the most recent in a steady exodus of companies to leave the market. ($1 = 19.7390 Mexican pesos)Reporting by Noe Torres; Writing by Kylie Madryl editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
☆ Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid -sources
  + stars: | 2022-11-27 | by ( Pablo Mayo Cerqueiro | David French | ) www.reuters.com   time to read: +2 min
LONDON/NEW YORK, Nov 27 (Reuters) - Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) to fund a bid for Citigroup Inc’s (C.N) Mexican retail bank, two sources familiar with the matter told Reuters. The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal, one of the sources said. The competition to buy one of Mexico’s biggest banks has narrowed to two bidders, with smaller rival Mifel, led by Daniel Becker, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, also known as Banamex, the sources said. Representatives from Mifel and Grupo Mexico did not immediately respond to emails and phone calls requesting comment.
☆ List of bidders for Citigroup's Mexican retail arm shrinks as Inbursa drops out
  + stars: | 2022-11-24 | by ( Valentine Hilaire | ) www.reuters.com   time to read: +2 min
MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known also as Banamex. "We considered from the beginning (of the bid) that it was going to be difficult for a player in the sector to make such an acquisition. Other heavyweight names such as Grupo Financiero Banorte (GFNORTEO.MX), Spanish bank Santander (SAN.MC) and media tycoon Ricardo Salinas have previously also pulled out of the process. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony Esposito, Stephen Coates and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
☆ Mexico core inflation higher than expected in early Nov, rate hikes to continue
  + stars: | 2022-11-24 | by ( Gabriel Araujo | ) www.reuters.com   time to read: +2 min
MEXICO CITY, Nov 24 (Reuters) - Mexico's annual consumer prices slowed more than expected during the first half of November, but the core inflation index - which remains a main concern in the country as it grapples with high costs - came in above market forecasts. Data from national statistics agency INEGI showed on Thursday that annual headline inflation in Mexico hit 8.14% in the period, down from 8.53% a month ago and also below consensus of 8.24% in a Reuters poll of economists. The latest inflation figures backed expectations that the local central bank, known as Banxico, would keep hiking interest rates. "Overall, headline inflation continues to edge down in Mexico, but core inflation remains sticky, which will continue to keep policymakers uneasy," said Pantheon Macroeconomics' chief Latin America economist, Andres Abadia. On a monthly basis, Mexico's headline inflation rose 0.56% while the core index was up by 0.34% in mid-November, the statistics agency said.
☆ Mexico's Inbursa drops bid for Citigroup's Mexican retail arm Citibanamex
  + stars: | 2022-11-23 | by ( ) www.reuters.com   time to read: +1 min
MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. "Inbursa confirms that, following submission of a non-binding proposal for the businesses in question, the parties mutually agreed that Inbursa will not be continuing to the next stages of the process," it said in a filing. Mexican corporate titans Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known too as Banamex. Earlier this month, Mexican President Andres Manuel Lopez Obrador said there are at least three remaining bidders for Banamex. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.
☆ Billionaires Slim, Larrea face off for Citi's Mexico business - sources
  + stars: | 2022-10-27 | by ( Andres Gonzalez David French Saeed Azhar | Andres Gonzalez | David French | ) www.reuters.com   time to read: +2 min
The bid amounts for the unit, known too as Banamex, were not disclosed by the sources. The sources also cautioned that no deal was guaranteed with any party and Citigroup could ultimately decide to sell Banamex shares on the Mexican Stock Exchange instead. Inbursa and Grupo Mexico declined to comment. Backed by Slim, Mexico's richest person, Inbursa was flagged as a strong contender when Citigroup put Banamex up for sale in January. However, mining tycoon Larrea has the firepower to compete as a candidate to buy Banamex, the sources said.
☆ Mexico's Banorte reports 30% surge in Q3 net profit
  + stars: | 2022-10-20 | by ( ) www.reuters.com   time to read: 1 min
MEXICO CITY, Oct 20 (Reuters) - Mexico's Grupo Financiero Banorte (GFNORTEO.MX) reported on Thursday that its third-quarter net profit surged 30% to 11.54 billion pesos ($573.56 million) from the year-ago period. Revenue for the group, which owns one of the country's largest banks and pension funds, totaled 29.91 billion pesos in the third quarter, up 24% from a year earlier. ($1 = 20.1271 pesos by end-September)Register now for FREE unlimited access to Reuters.com RegisterReporting by Carolina Pulice and Aida Pelaez-Fernandez; Editing by Christian PlumbOur Standards: The Thomson Reuters Trust Principles.
☆ FEMSA's fintech arm eyes 10 million users in Mexico by 2023
  + stars: | 2022-10-20 | by ( Valentine Hilaire | ) www.reuters.com   time to read: +2 min
REUTERS/Daniel Becerril/MEXICO CITY, Oct 20 (Reuters) - Spin by Oxxo, the financial technology initiative launched by Mexican bottler and retailer Femsa, is set to reach 10 million users by 2023, up from four million currently, Spin's Director General Asensio Carrion told Reuters. Spin by Oxxo, which has been financed with internal funds, has quickly become a major player in Mexican fintech. For comparison, Latin America's largest fintech Nubank has about 2.1 million customers in the country, while local player Stori aims to hit the two million client mark by 2023. Mexico's Grupo Financiero Banorte, in its second-quarter results, said it had 6.7 million digital clients. The company has more than 20,600 Oxxo stores across Latin America, and has plans to increase the number by 50% over the next decade.
☆ Mexican inflation seen at 8.71% in first half of September
  + stars: | 2022-09-19 | by ( ) www.reuters.com   time to read: +2 min
The median forecast of 17 analysts projected annual inflation at 8.71%, down from 8.77% in the second half of August, when it reached its highest level since late 2000. Annual core inflation, which strips out some volatile food and energy prices, is forecast to reach 8.28% in the month's first. (MXCPIC=ECI)Mexican consumer prices are estimated to have increased by 0.37% in the first half of September compared to the previous half-month period, with core inflation seen rising 0.44%, according to the Reuters poll. (MXCPIF=ECI), (MXCPIH=ECI)Mexico's national statistics agency INEGI will publish consumer price data for the first half of September on Thursday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Noe Torres; Additional reporting by Gabriel Burin in Buenos Aires; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.
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